08/13/2013 Resolutions 2013-270 RESOLUTION #2013-270
BE IT RESOLVED BY THE MAYOR AND COUNCIL OF THE CITY OF GRAND ISLAND, IN THE
STATE OF NEBRASKA:
Section 1. That the following bonds of the City of Grand Island, in the State of Nebraska (the
"City"), which are presently subject to optional redemption at any time, are hereby authorized to be
irrevocably called for redemption on a date to be detemiined in a Direction for Call(as defined below):
Sewer System Revenue and Refunding Bonds, Series 2003, Date of Original Issue — June 25,
2003, issued pursuant to Ordinance No. 8811 of the City, presently outstanding in the aggregate
principal amount of$1,420,000 (the"Refunded Bonds"), numbered as shown on the books of the
Paying Agent and Registrar, becoming due and bearing interest as follows:
Principal Maturing Interest
Amount April 1 of Year Rate
$1,420,000 2014 3.450%
The Refunded Bonds are subject to redemption at any time on or after April 1, 2011, at the
principal amount thereof plus accrued interest to date fixed for redemption, and said interest is
payable semiannually. The Refunded Bonds were authorized by ordinance duly passed and
adopted by the Mayor and Council of the City and were issued for the purpose of refunding the
City's Sewer System Revenue Bonds, Series 1994.
Section 2. The Refunded Bonds are to be paid off at the principal corporate trust office of Wells
Fargo Bank,National Association, (the"Paying Agent") as paying agent and registrar.
Section 3. The Mayor or the City Treasurer(each, an"Authorized Officer") are each individually
hereby authorized at any time on or after the date of this resolution to direct the irrevocable call of the
Refunded Bonds and to determine the redemption date on behalf of the City and such direction, when
made in writing(the"Direction for Call"), shall constitute the action of the City without further action of
the Mayor and Council of the City. The Direction for Call shall include a description of that portion of
the Refunded Bonds called for redemption as determined appropriate by the Authorized Officers. Such
direction shall be made by an Authorized Officer not later than December 31, 2013, after which date the
Authorized Officers shall have no authority to make any such determination hereunder without further
action of the Council of the City and this resolution shall be of no further force and effect.
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Section 4. An executed Direction for Call shall be filed with Paying Agent, which delivery is
necessary in order for the call of the Refunded Bonds to be effective hereunder. The Paying Agent shall
be directed in the Direction for Call to mail notice to all registered owners of the Refunded Bonds to be
redeemed not less than thirty days prior to the date fixed for redemption in accordance with resolution
authorizing the issuance of the Refunded Bonds and to take all other actions deemed necessary in
connection therewith.
ADOPTED this 13th day of August,2013.
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A e J ET0 -f,
Clerk _- ,ayor
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